2025 INTERIM REPORT 中期報告 INTERIM REPORT 中期報告 2025 CHINA EAST EDUCATION HOLDINGS LIMITED 中國東方教育控股有限公司 Contents 目錄 | | | Pages頁次 | | --- | --- | --- | | Highlights | 摘要 | 2 | | Corporate Information | 公司資料 | 7 | | Management Discussion and Analysis | 管理層討論與分析 | 9 | | Other Information | 其他資料 | 41 | | Report on Review of Condensed Consolidated | 簡明綜合財務報表審閱報告 | 58 | | Financial Statements | | | | Condensed Consolidated Statement of Profit | 簡明綜合損益及其他全面收益表 | 60 | | or Loss and Other Comprehensive Income | | | | ...

"公司顺应经济结构调整和政策支持，针对新职业人才缺口，提前进行专业布局。同时，为了适应市场 对技能化、规范化蓝领需求的迅速增长，公司通过细化专业设置和证书培训，帮助学生实现高质量就业 及收入提升。此外，公司还通过融合AI等技术手段，创新教学模式，提升培训效率与质量，并通过强 化企业与学校的合作，确保人才培养符合产业升级方向。"上述中国东方教育相关负责人表示。 新设多个新兴专业 在中国东方教育看来，新蓝领更强调技能化，需掌握专业技术和知识，如智能设备维修、物联网技术 等，职业门槛和专业化程度显著提升。新蓝领更多面向现代服务业，如健康护理、高端家政和先进制造 业，且群体呈现年轻化趋势，对职业发展、收入及社会认同有更高期待。 中国东方教育针对新蓝领"技能化、规范化"方向，重点布局了三大模块，分别是：技能升级与细分模 块、先进制造技术模块以及现代服务业务模块。其中，技能升级与细分模块主要涵盖智能家电维修师、 PLC专业培训，以此推动岗位专业化转型。先进制造技术模块主要覆盖新能源汽车、工业机器人等领 域，主要培养符合先进制造业需求的高技能人才。现代服务业务模块则主要包括高端餐饮管理、健康服 务等，目的是强化服务标准化和 ...

Core Insights - The visit by the Uzbekistan delegation to China Oriental Education highlights the growing interest in vocational education collaboration between Uzbekistan and China [2][8][12] - Uzbekistan's emphasis on developing a high-quality skilled workforce aligns with China's advanced vocational education practices, creating opportunities for partnership [9][11] Group 1: Delegation Visit and Observations - The Uzbekistan delegation, including officials from the Ministry of Higher Education, Science and Innovation, visited three vocational schools operated by China Oriental Education in Anhui [6][4] - The delegation observed the practical training environments and was impressed by the modern training equipment and effective teaching methodologies [6][8] Group 2: Strategic Cooperation and Future Prospects - Uzbekistan's Secretary of the Ministry of Education expressed a strong desire to collaborate with China Oriental Education to enhance their vocational education system [8][11] - The ongoing "Belt and Road" initiative presents significant opportunities for vocational education cooperation, particularly with Uzbekistan's "Uzbekistan 2030 Strategy" focusing on youth and education [9][12] Group 3: Experience Sharing and Development - China Oriental Education is willing to share its successful experiences in professional curriculum development and training base construction with Uzbekistan [11][12] - The collaboration aims to create a strategic plan tailored to Uzbekistan's vocational education needs, leveraging China's expertise [11][12]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國東方教育控股有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00667 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,800,000,000 | HKD | | 0.0001 | HKD | | 380,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,800,000,000 | HKD | | 0.0001 | HKD | | 380,000 | 本月底法定/註冊股本 ...

Core Insights - In the first half of 2025, China Oriental Education reported a revenue of 2.186 billion yuan, a year-on-year increase of 10.2%, and a net profit of 403 million yuan, reflecting a significant growth of 48.4% [1] - The company has demonstrated strong foundations and high growth potential in the vocational education sector, emphasizing the synergy between social value and commercial value [1][2] Business Segments - **Culinary Education**: This traditional segment remains a key revenue driver, contributing significantly to overall performance. The culinary education segment maintained steady growth, with a 60% enrollment in culinary courses and a 95% employment rate for graduates [3][5] - **Beauty Industry Education**: Rapidly emerging as a new growth driver, this segment targets younger demographics, particularly those aged 14 and above, and has adapted to market trends such as the rise of the "beauty economy" [6][7] - **Regional Center Strategy**: The company has implemented a regional center strategy to optimize resource allocation and reduce costs, with significant student enrollment in self-owned vocational education parks [10][11] Product Innovation - The company has developed high-value courses tailored for students facing employment challenges, achieving over 100% enrollment growth in the first half of 2025 [15][16] - A combination of long-term and short-term training programs has been established to cater to diverse market needs, ensuring a steady cash flow and market penetration [15][16] Teaching Innovation - Digital technology is being leveraged to enhance educational quality, with a focus on course iteration and the establishment of smart campus systems to track student progress [17][19] - Collaboration with industry leaders ensures that course content remains relevant and practical, enhancing the employability of graduates [20] Cost Control - The company has effectively managed costs through precise human resource allocation, reduced rental expenses via regional centers, and optimized marketing strategies, leading to improved profitability [21][22] Future Outlook - China Oriental Education aims to continue expanding into emerging fields such as artificial intelligence and smart manufacturing, while enhancing digital infrastructure to improve teaching efficiency [23][24]

中金发布研报称，考虑中国东方教育(00667)招生恢复优于预期，上调2025年/2026年收入预测2.4%/6.4% 至45亿元/50亿元;考虑公司成本及费用管控成果优于预期，上调经调整归母净利润预测16.8%/28.0%至 7.56亿元/9.74亿元。维持跑赢行业评级，考虑到公司在职业教育市场的优势地位及招生恢复优于预期， 上调目标价58%至9.5港元(基于9.8倍2025e调整后EV/EBITDA)。公司目前交易于7.5倍2025e调整后 EV/EBITDA，对应18%的上行空间。 长学制产品结构持续优化，加快升学建设 中金主要观点如下： 2025年上半年经调整归母净利润略超市场预期 中国东方教育公布1H2025年业绩：收入21.9亿元，同比增长10.2%，符合市场预期;经调整归母净利润同 比增长49.5%至4.16亿元，略高于市场预期，主要得益于成本及费用管控得当。 新招生人数逐步恢复正常节奏 2025年上半年，集团新招生人数同比增加7.1%，平均培训人次同比增加5.5%，主要系6-12月精品短训专 业及15个月高价值专业招生表现突出，对整体人次提升贡献显著。截至2025年6月30日，学校数量较上 年末 ...

Core Viewpoint - China Oriental Education (00667) has shown better-than-expected enrollment recovery, leading to upward revisions in revenue and adjusted net profit forecasts for 2025 and 2026 [1][2] Revenue and Profit Forecasts - Revenue forecasts for 2025 and 2026 have been increased by 2.4% and 6.4% to 4.5 billion and 5 billion yuan respectively [1] - Adjusted net profit forecasts have been raised by 16.8% and 28.0% to 756 million and 974 million yuan respectively [1] Enrollment and Training Performance - New enrollment numbers increased by 7.1% year-on-year in the first half of 2025, with average training sessions up by 5.5% [3] - Notable performance in short-term training programs and high-value professional courses contributed significantly to overall enrollment [3] - Specific segment performance includes: - Culinary Technology: Revenue +11.4%, New Enrollment +5.2% - Western Pastry and Cuisine: Revenue +14.3%, New Enrollment +0.7% - Information Technology: Revenue -3.0%, New Enrollment +6.4% - Automotive Services: Revenue +9.6%, New Enrollment +9.3% - Fashion and Beauty: Revenue +90.2%, New Enrollment +34.1% [3] Profitability Improvement - Overall gross margin for the first half of 2025 was 57.3%, an increase of 4.3 percentage points year-on-year [4] - All five business segments reported year-on-year gross margin improvements, with notable increases in Culinary Technology and Fashion and Beauty [4] - Adjusted net profit margin reached 19.0%, up 5.0 percentage points year-on-year, attributed to effective cost and expense management [4] Product Structure and Strategic Development - The 15-month high-skill programs are aligned with student needs for skill enhancement and rapid employment, with expected enrollment growth of over 50% in 2026 [5] - The company is accelerating the development of a higher education-oriented professional system and upgrading vocational schools to technician colleges [5] - Management anticipates a 10% revenue growth and over 20% net profit growth in 2026 [3][5]

Core Viewpoint - China Oriental Education reported a slight beat on market expectations for adjusted net profit in 1H2025, driven by effective cost and expense management [1][2] Financial Performance - Revenue for 1H2025 reached 2.19 billion yuan, a year-on-year increase of 10.2%, in line with market expectations [1] - Adjusted net profit grew by 49.5% year-on-year to 416 million yuan, slightly above market expectations [1] - Overall gross margin improved to 57.3%, up 4.3 percentage points year-on-year, with all five business segments showing improvement [2] - Adjusted net profit margin reached 19.0%, an increase of 5.0 percentage points year-on-year, attributed to effective cost control [2] Enrollment Trends - New student enrollment increased by 7.1% year-on-year in 1H2025, with average training sessions up by 5.5% [1] - The number of schools increased by one compared to the end of the previous year [1] - Specific segment performance included: - Culinary Arts: Revenue up 11.4%, new enrollment up 5.2% - Western Pastry and Cuisine: Revenue up 14.3%, new enrollment up 0.7% - Information Technology: Revenue down 3.0%, new enrollment up 6.4% - Automotive Services: Revenue up 9.6%, new enrollment up 9.3% - Fashion Beauty: Revenue up 90.2%, new enrollment up 34.1% [1] Strategic Outlook - The company plans to increase the number of beauty industry schools to 13 by the end of 2026, targeting over 50% revenue growth [1] - Management expects a 10% revenue growth and over 20% net profit growth for 2026 [1] Profitability Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been raised by 2.4% and 6.4% to 4.5 billion yuan and 5 billion yuan, respectively [2] - Adjusted net profit forecasts for 2025 and 2026 have been increased by 16.8% and 28.0% to 756 million yuan and 974 million yuan, respectively [2] - The target price has been raised by 58% to 9.5 HKD, based on a 9.8x 2025e adjusted EV/EBITDA [2]

Core Insights - The company reported revenue, net profit attributable to shareholders, and adjusted net profit for H1 2025 at 2.186 billion, 403 million, and 416 million yuan respectively, showing year-on-year growth of 10.2%, 48.4%, and 49.5%, aligning with performance forecasts [1] - The improvement in performance for 2024 is attributed to cost and expense control, while H1 2025 shows accelerated revenue growth driven by improved enrollment, particularly in three-year programs which grew by 4.5% and one- to two-year programs which surged by 85% [1] - The company experienced a positive operating leverage effect with an adjusted net profit margin increase of 5 percentage points due to accelerated revenue growth [1] Business Performance - New Oriental's revenue and operating profit accounted for 45% and 60% respectively, with significant growth in the beauty industry and a turnaround from losses [1] - Revenue from various segments for H1 2025 includes: culinary arts (1.026 billion yuan, +11.2%), pastry and western cuisine (182 million yuan, +14.3%), IT and internet technology (367 million yuan, -3.0%), automotive services (493 million yuan, +9.7%), fashion and beauty (77 million yuan, +90.2%), and others (129 million yuan, +31.5%) [1] - Average training participants for different segments showed growth: culinary arts (62,000, +8.3%), pastry and western cuisine (5,500, +18.5%), IT and internet technology (37,000, -6.8%), automotive services (43,000, +6.3%), and fashion and beauty (6,000, +76.2%) [1] Enrollment and Employment - The total number of schools increased to 234, with a net addition of one school (+0.4%) [2] - New enrollment figures for various programs include: culinary arts (36,500, +5.2%), pastry and western cuisine (7,600, +0.7%), IT and internet technology (14,000, +6.4%), automotive services (21,500, +9.3%), and fashion and beauty (3,900, +34.1%) [2] - Employment rates improved across institutions, with New Oriental at 95.7%, Xinhua Computer at 94.0%, and others showing similar increases [2] Profitability and Cost Management - The company's gross margin for H1 2025 was 57.3%, an increase of 4.3 percentage points, driven by higher capacity utilization and reduced rental expenses [3] - The net profit margin attributable to shareholders rose to 18.4%, up 4.7 percentage points, with the increase primarily due to declines in sales, management, and financial expense ratios [3] - The company employed 10,365 people in H1 2025, a decrease of 2% year-on-year [3] Investment Outlook - Short-term expectations indicate strong autumn enrollment and continued performance exceeding forecasts due to cost control [3] - Mid-term projections suggest accelerated revenue growth based on the recovery of long-term enrollments, with culinary arts and automotive services maintaining rapid growth [3] - Long-term advantages include competitive employment outcomes and the ability to quickly adjust courses to market changes, with anticipated completion of regional center construction and technician college accreditation [3]

Core Viewpoint - The company has shown significant revenue growth in the first half of 2025, with a notable increase in net profit, indicating a strong performance and recovery in the training sector [1][2]. Group 1: Financial Performance - In 2025 H1, the company achieved revenue of 2.186 billion yuan, a year-on-year increase of 10.2%, marking a new high since its listing, with a significant acceleration compared to 1.6% in 2024 H1 [1]. - The net profit for 2025 H1 reached 403 million yuan, up 48.4%, nearing the upper limit of previous forecasts, while adjusted net profit was 416 million yuan, reflecting a growth of 49.6% [1]. - The adjusted net profit margin improved to 19.0%, an increase of 5.0 percentage points, and the gross profit margin was 57.3%, up 4.3 percentage points [2]. Group 2: Enrollment and Training Performance - The company reported a total enrollment of 84,000 students in 2025 H1, representing a 7% increase, with the fashion beauty sector leading in growth [2]. - Average training attendance was 153,000 students, up 6%, with the fashion beauty and western pastry sectors showing the highest average attendance [2]. - The average tuition fee per student increased to 28,000 yuan, a year-on-year rise of 4.3%, with a further expansion in price increase compared to 2024 [2]. Group 3: Operational Efficiency and Cost Management - The company has effectively controlled costs, with reductions in research, sales, and management expense ratios, leading to a significant release of profits [2]. - The company has added one new advanced vocational school, bringing the total to 234 schools, with a focus on enhancing educational offerings [3]. - The company anticipates further improvements in gross profit margins due to ongoing student growth and cautious expansion of new campuses [2].